Inventory management is a vital aspect for any eCommerce business , whether small or large. However, maintaining effective control over inventory levels can sometimes seem like a daunting challenge.
This is where Stockpit comes in, offering a powerful solution to simplify and optimize inventory management. Here is why to choose Stockpit and how this app allows you to better promote and manage your stocks.
What is Stockpit?
Stockpit is an add-on app designed to help businesses manage their inventory efficiently and transparently. This app was developed by Erplain to complement your accounting software such as Pennylane or QuickBooks.
Erplain is a French software publisher with offices and a team also in Canada, that offers a complete managing solution for B2B and B2C retailers, covering the entire sales process, including invoicing, sales, purchasing and inventory management. The solution thus adapts perfectly to the needs of e-Retailers, but also to those of wholesalers, distributors, traders, etc.
The Stockpit app, for its part, allows you to enrich your existing accounting software (such as Pennylane or QuickBooks) or your CRM (such as Sellsy) by adding the inventory management component.
Why Choose Stockpit?
With its advanced features and user-friendly interface, Stockpit has established itself as an essential tool for shops and businesses managing stocks of physical products, whatever their industry.
Saves time and effort: Stockpit automates many tedious tasks related to inventory management, allowing you to focus on more strategic activities for your business.
Cost reduction and cash flow optimization: By optimizing your stock levels and avoiding unnecessary shortages or excess, Stockpit helps you reduce the costs associated with managing your inventory. This also allows you to better manage your margins and better anticipate your cash flow to ensure the growth of your business over time.
Improved customer satisfaction: By ensuring constant product availability and avoiding delivery delays, Stockpit helps improve your customer satisfaction.
Controlled inventory valuation: Thanks to Stockpit and Blendy, the entire process of valuing your inventory is simplified, both for you and for your accountant and your finance teams.
The flagship functionality of Stockpit: Facilitate stock valuation
The inventory valuation process is crucial for companies because it directly influences the balance sheet, financial results, and the company's development strategy.
When you sell numerous product lines in several different countries in particular, the financial valuation of your inventory can quickly become very complex, requiring robust inventory management systems and accounting expertise.
Support for multiple valuation methods
There are different methods for valuing inventory that directly influence the financial accounting of your business. With Stockpit you can notably apply the following major methods:
WAC (Weighted Average Cost) : This method calculates an average cost for each item in stock at the end of the accounting period. It is useful for inventories where items are indistinguishable from each other.
FIFO (First In, First Out) : This method assumes that the first items entered into stock are the first out. It is often used for perishable products or those with rapidly evolving technology.
LIFO (Last In, First Out) : With this method the last items added to stock are also the first used. This method can be tax efficient in some countries during times of inflation because it increases the cost of goods sold and reduces taxable profits.
The impacts on the financial health of your business
Because several factors can influence the valuation of your stocks, at Blendy, we help our eCommerce clients choose and account for the most appropriate methods which will take into account both price fluctuations, obsolete stocks and their tax impact on your business. .
Price fluctuations :
For example, variations in the purchasing costs of raw materials or finished products can make the precise valuation of stocks more difficult. A significant increase or decrease in prices may result in inventory value adjustments that impact the financial result.
For example, in times of rising prices, the FIFO method may show a higher cost of goods sold compared to WAC, thereby affecting reported profitability.
Management of obsolete stocks :
Unsold or obsolete inventory must also be valued and potentially written down, which can result in losses. Determining when inventory becomes obsolete and assessing its depreciation are critical aspects of inventory management.
For example, with LIFO, older inventory may remain in your accounts longer, increasing the risk of obsolescence.
Tax impact :
The chosen inventory valuation method also has a direct impact on the company's taxation. For example, in some countries, using the LIFO method can reduce taxes payable during times of inflation.
In all cases, Blendy ensures that accounting standards and regulatory requirements, which may vary from one country to another, are scrupulously respected in the valuation of your stocks.
Other Stockpit features
In addition to inventory valuation, Stockpit integrates several other essential features to turn your inventory management into child's play.
Real-time tracking : With Stockpit, you can track stock movements, replenishment levels and demand trends in real time and by dates, allowing you to make informed decisions.
Flexible integrations : Easily integrate Stockpit with your existing systems, such as Pennylane, QuickBooks or Sellsy, and your online sales platforms, for a seamless and seamless experience. This also allows automatic recovery of your commercial and inventory data.
Data Analysis : Stockpit provides access to monthly, quarterly and annual reports to review inventory trends, identify inefficiencies and optimally optimize your inventory management processes. An essential feature for you and your Blendy accountant.
So, if you are looking for an effective solution to manage your inventory accurately and efficiently, look no further than Stockpit . With its advanced features and ease of use, Stockpit is the ideal tool to streamline your inventory management operations and make your business prosper.
With the added support of Blendy , who as a digital accountant will be able to advise you on your accounting and tax choices and help you transform your inventory management into a growth lever.
Want to know more about how we help eCommerce businesses perform better in their daily business? Contact us today .
With Blendy , French digital accountant, take advantage of digital accounting to accelerate your finance process and develop your business.
Certified by Pennylane , Dext , QuickBooks and Stripe , we support digital and IT service companies, e-Commerce, SaaS, SMBs in France and internationally.